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Bharti Airtel share price closes lower after promoter cuts stake

Bharti Airtel share price fell up to 3.47% to 337.85 compared to the previous close of 345.65 on BSE.

twitter-logo BusinessToday.In        Last Updated: May 29, 2019  | 16:02 IST
Bharti Airtel share price closes lower after promoter cuts stake

Bharti Airtel share price fell in trade today amid reports that stake of Airtel promoter group firm Bharti Telecom has come down to 41.24 per cent following renouncement of 11.34 crore shares by the entity valued at around Rs 3,920 crore, according to the updated shareholding of the company.

Bharti Airtel share price fell up to 3.47% intra day to 337.85 compared to the previous close of 345.65 on BSE.

Later the stock closed 1.92% lower at 339 level on BSE. 20 of 26 brokerages rate the stock "buy" or 'outperform', three "hold", one "underperform" two "sell", according to analysts' recommendations tracked by Reuters.

The stock has been falling for the last two days and fallen 4.10% during the period.

Bharti Airtel share price has risen 18% since the beginning of this year. However, it has lost 1.37% since during the last one year.

The stock closed above its 50 day and 200 day moving averages of 325.89 and 301.18 on BSE.

Sunil Bharti Mittal family and Singapore telecom firm Singtel-owned firm Bharti Telecom held 50.1 per cent stake with 211.62 shares in Bharti Airtel at the end of March 2019.

Bharti Telecom shareholding dropped to Rs 200.28 crore in May disclosure by Bharti Airtel.

Earlier this month, Bharti Airtel reported a surprise 29 percent surge in the March quarter net profit as exceptional income gains and Africa business helped offset losses in India mobile services operations.

The company, whose profitability has been battered by intense price competition posed by richest Indian Mukesh Ambani's Reliance Jio, earned a net profit of Rs 107.2 crore in January-March as against Rs 82.9 crore it earned in the same period of the previous fiscal. This marked the first rise in profit after several quarters for the company.

Its revenue soared 6.2 percent to Rs 20,602.2 crore for the three months ended March 31, 2019.

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